The Group’s credit load has reduced by almost a half

On 13 May 2022, PAO Sovcomflot completed some activities aimed at the Group’s loan restructuring. That let release a considerable part of the pledged ships, according to Sovcomflot.

With the measures undertaken, the Group’s fleet has reduced to 111 units, the share of pledged ships has decreased to 10%. The Group’s credit load has reduced from $3 billion to $1.7 billion.

According to the annual report of Sovcomflot, its fleet as of 31 December 2020 comprised 145 vessels with a total deadweight of 12.63 million tonnes. Thus, the number of released ships can make 34.

In its earlier response to IAA PortNews’ request for a comment on foreign media publications about the sale of the company’s ships, Sovcomflot said it was going to sell part of the aging tankers under its fleet renovation programme. According to Lloyd’s List publication as of May 3, “Sovcomflot is looking to sell up to one third of its fleet”. Sovcomflot referred to that information as not correct.

“Media speculations on the fleet sale contain exaggerated figures. Aging ships and ships operation of which is unreasonable due to sanctions imposed on the commercial fleet of Russia are offered in the market, - press center of Sovcomflot commented. – It should be emphasized that aging ships are offered for sale which is a permanent practice under the fleet renovation programme.” Sovcomflot did not reveal the number of ships to be sold.

PAO Sovcomflot (SCF Group) is one of the world's leading marine energy transportation companies, specialising in the transportation of liquefied gas, crude oil, and petroleum products, as well as the servicing of offshore upstream energy production. The Group’s fleet comprises 133 vessels with a total deadweight of 11.62 million tonnes. About 80 vessels are of ice class.

Source: PortNews